Filling stations across Nigeria have begun lowering petrol prices nearly a week after the Dangote Refinery implemented a reduction in its gantry rates. A recent market observation confirms that stations including Eterna, NIPCO, AA Rano, and Ranoil have adjusted their rates to between N1,280 and N1,300 per litre, down from the previous N1,340 mark in the Abuja area. This reflects a decrease of roughly N35 to N55 per litre.
While private stations are adjusting, the Nigerian National Petroleum Company Limited (NNPCL) retail outlets are maintaining a price of N1,335 per litre. Previously, MRS stations affiliated with the Dangote Refinery lowered their rates to N1,241 per litre on Friday. These domestic price changes stem from the Dangote Refinery lowering its gantry price to N1,175 per litre, influenced by fluctuations in the international crude oil market.
Global benchmarks, including West Texas Intermediate and Brent, were valued between $76 and $80 as of the latest report. Market analysts noted a minor rise in global oil costs Sunday morning following renewed tensions involving Iran and the Strait of Hormuz, despite earlier reports suggesting a diplomatic resolution involving United States President Donald Trump.
